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PrimeCorp Blog

Smart Property Management in Good and Bad Times

At Primecorp Property Management, based in Ottawa, we take a long term view of how we manage our residential and commercial properties with an aim towards growth over the long haul.

When economic times are volatile or uncertain, we make every effort to invest in our properties and people while staying competitive and offering the best service and value for our great tenants, which in turn results in financial growth for our property owners.

Primecorp: Ottawa Property Management Company

Property Managers Need to be Creative Problem Solvers “Property Management” by Collin Anderson is licensed under CC BY 2.0

Property Management in Good Times: Focus on Service Excellence

Regardless of economic conditions, our dedicated and experienced property management team strives to achieve business growth. This kind of hardworking resilience is shared across our country. Notwithstanding the hard hits to our resource sectors in 2015, Canada’s economic engine appears to be firing up as we roll further into 2016:

Despite the drag from more than a year of low oil prices and sinking business investment, Statistics Canada reported this week  [April, 2 2016] that the economy grew far faster in January than anyone had expected, expanding 0.6 per cent — the fastest pace in five years. Huffington Post

This kind of economic momentum, combined with a low Canadian dollar and strong property fundamentals in the National Capital Region, and elsewhere across the country, should create a robust demand for commercial and multi-residential real estate.

In urban areas, millennials look for rentals to accommodate their live/work/play lifestyles, joined by retirees and empty-nesters desiring convenience in shopping, recreation and entertainment. These needs are being accommodated with such projects as the new Westboro Connection project, which combines office and retail space with apartment rentals in this upbeat and distinct Ottawa neighborhood (2016 Canada Commercial Real Estate Outlook), the redevelopment of LeBreton Flats, and the Ciena Canada expansion; these are all signs of growing economic activity in the National Capital Region. Even global tech heavyweight, Apple Inc., is settling into some new digs in Kanata, (Ottawa Citizen: Apple Inc. in Ottawa: Slicing through the speculation) which was once considered the silicon valley of the North.

When there is significant demand for commercial and residential accommodations, our approach is to focus on offering superior services to our valued tenants, making them feel truly at home in their residential, office or retail settings in the variety of properties that we professionally manage. Our highly responsive staff works quickly to address any issues that arise and we’re always looking for ways to improve our service and strengthen our connections with the tenants we serve.

Property owners and investors also benefit from this approach, as keeping their units filled with satisfied tenants has proven to be a highly effective business model, common across most types of commercial and residential real estate investments.

Property Management in Bad Times: Time to Retool

The picture is not as rosy all across our country. The office sector in Alberta, for example, has seen a mass exodus due to the decline in oil prices over the last year, with excess space driving lower rental rates; however, creative property managers can still find ways to improve the bottom line, even during an economic downturn.

Sharp property managers can analyze income statements to make certain that they are getting excellent value for the money spent. For example, they can look at tenant selection criteria to ensure they are using the best methods for finding credit-worthy tenants with decent business histories and prospects. Leasing arrangements, particularly with anchor tenants, should be given careful consideration and thorough due diligence, especially when acquiring a new commercial property with existing tenants.

Controlling expenses with operational upgrades such as retrofitting lighting fixtures or changing maintenance procedures, can offer immediate cost-saving benefits and increase the building’s value. Replacing inefficient mechanical systems and hard-to-maintain building fixtures are another way to lower operating expenses. Oftentimes, reduced labor costs accompany a slower economy and property managers can use this opportunity to rebid contracts.

Primecorp Offers Professional Residential and Commercial Property Management Services

If you’re a property owner, or investor looking for a professional property management company, based in Ottawa, with decades of industry experience, contact Primecorp for more information on how we might assist you. We can also help if you’re a potential tenant looking for residential, retail, office or industrial accommodation.